From First-Generation Entrepreneurs to High School Students Gathered Together: "AI Creates a New Wave in the Startup Ecosystem"

Entrepreneurs from a wide range of generations, from the first generation of venture founders to high school student aspiring entrepreneurs, shared their experiences and challenges regarding the changing startup environment in the era of AI transformation. Diverse opinions were also presented on the direction the Korean venture ecosystem should take at this pivotal moment of technological paradigm shift.

The "Challenge Connecting Generations" talk show, held on December 2 at the Grand InterContinental Parnas in Gangnam-gu, Seoul, as part of the "30th Anniversary of Korean Ventures" celebration, was organized to reflect on the entrepreneurial experiences of each generation and to discuss the future direction of the venture ecosystem for the next 30 years.

On the 2nd, at the InterContinental Seoul Parnas in Gangnam-gu, Seoul, the 1st to 4th generation of ventures took the stage together for a talk show during the 30th anniversary celebration of ventures. Photo by Yonhap News

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Cho Hyunjeong, Chairman of Bit Computer, remarked, "In today’s venture ecosystem, you have to be completely obsessed to survive. All legacy work is being replaced by artificial intelligence (AI), so the only way forward is to create something new."

Reflecting on her decision to start a business as a university student in the 1980s, she said, "The starting point was using an Apple PC that the government had provided to our school. As a university student, I had little to lose and thought it was worth taking the risk."

Lee Seyoung, CEO of RYUTEN Technologies, emphasized the importance of "unlearning" previous methods of success. She said, "It is quite difficult to accept that what worked today might not work tomorrow. When I think about growth, the most important thing was always to try new things and maintain a spirit of challenge."

High school student and aspiring entrepreneur Jang Namwoo also shared his insights from participating in the startup ecosystem. He said, "While preparing for a startup, I sometimes receive feedback that is hard to hear, but I believe that process leads to growth. I think it is important for my peers who will lead the venture ecosystem in the future to acknowledge their shortcomings and be open to accepting them."

Baek Junho, CEO of FuriosaAI, analyzed that Korea is now at a crossroads between remaining an AI consumer nation or becoming a producer nation that creates innovative products. He said, "When the automobile industry advanced, each country faced a choice between becoming a consumer or a producer. Now, AI represents that turning point."

He added, "As we have done so far, we must break free from inertia and old ways of thinking, and infuse a new spirit of the times into ventures. I hope venture companies will create hope and take on the work of realizing this new spirit."

Meanwhile, the Korea Venture Business Association organized this anniversary event to express gratitude to the entrepreneurs and related organizations that have led the creation and growth of the venture ecosystem over the past 30 years, and to present a vision for innovation for the next 30 years.

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